Grayscale Added $120M Worth Of BTC Amid Growing Institutional Interest

Grayscale added $120M worth of BTC amid the growing institutional interest with Bitcoin seeing strong volatility over the past few weeks. The cryptocurrency bounced between $30,000 and $40,000 even falling lower at one point in time which eventually scared the bulls but let’s read more in today’s BTC news.

Unfazed by the recent market volatility, the data shows that the institutional players are adding to the BTC positions. According to the data aggregator Bloqport, Grayscale added $120 million to its coffers over the past day. This adds to the $1 billion that the company purchased over the past seven days. This means that the company has over $20 billion worth of cryptocurrency under management which marks an increase of 7 percent in BTC terms over the past month alone.

Grayscale adds 3,544 BTC over the past 24 hours, worth $118 million. Over the past 7 days, Grayscale has added 29,598 #Bitcoin worth close to $1 billion. pic.twitter.com/l0ATzaFSZo

— Bloqport (@Bloqport) January 22, 2021

Grayscale added these funds for its Bitcoin Trust which holds BTC for accredited investors including hedge funds and other institutional players that need exposure to space. Microstrategy’s Michael Saylor found that he will be hosting a digital conference that will allow the executives from Corporate America to learn more about the number one cryptocurrency and how they can implement it into their business.

 “We’re going to have thousands of executives, officers…directors, & advisors of corporations coming together in the first week of February. They all want to figure out how to plug #bitcoin into their balance sheet or their P&L…We’re going to open source it.”

Grayscale has incorporated six more trusts, including those tied to Chainlink $LINK, Tezos $XTZ, Basic Attention Token $BAT, Decentraland $MANA, and Filecoin $FIL https://t.co/G76fbpnwCA pic.twitter.com/qzO7Z6SRr3

— Bloqport (@Bloqport) January 22, 2021

It’s still unclear if Grayscale is the preferred method for investors in Corporate America or Wall Street to allocate the capital they have into BTC as they are an increasing number of institutional providers that are able to execute or custody BTC. The company is expected to add new funds soon for the institutional players to obtain more exposure to altcoins.  The data shows that there are filings that indicate that there have been documents signed and submitted for the funds including the ones for Chainlink, Basic Attention Token, Tezos, Filecoin, and Decentraland.

As reported earlier, The world’s biggest digital asset manager, Grayscale Investments looks like it is preparing for possible launches of new single-asset trusts for plenty of other cryptocurrencies and it seems like Grayscale lays the ground for them. Trusts for five digital assets were filed with the Delaware corporation registry includes the ones for Chainlink, BAT, Tezos, and Decentraland. The filings were not made by Grayscale itself but the Delaware Trust company that is listed as the statutory trustee for the US State in the documentation of the company